Urgent News Update Mimas Finance & Tranquil Shutting down DeFi services by October 31, 2023

Mimas Finance & Tranquil Shutting down DeFi services by October 31, 2023

In a shocking turn of events, Mimas Finance and Tranquil Finance have announced the closure of their DeFi services, sending shockwaves throughout the cryptocurrency community. The announcement, made on their official channels, comes as a result of careful consideration and a desire to pivot towards a new and innovative venture.

Sunset of Mimas Finance and Tranquil Finance

In a joint statement, the teams behind Mimas Finance and Tranquil Finance expressed their gratitude to their loyal community members for their unwavering support. The decision to sunset both protocols was not taken lightly, but it was made after extensive evaluation of their options.

Despite the impressive achievements of both Mimas and Tranquil, including pioneering on-chain oracles and becoming the first liquid staking protocol on the Harmony chain, the teams have faced significant challenges. Harmony’s unexpected change in direction following the Horizon Bridge hack led to insurmountable obstacles for Tranquil V2.

Rather than persisting in a highly competitive DeFi landscape, the teams have decided to focus their energy on building something truly groundbreaking. This shift in focus will see the development of Defira V2, an innovative on-chain strategy game. Defira V2 is slated to launch on a yet-to-be-decided chain with a more promising ecosystem and future potential.

Protocol Details and Timeline

As part of the closure process, borrowing for Mimas Finance has been paused (Tranquil Finance was previously paused after the Harmony bridge hack), and only repayments will be allowed. Collateral factors for all Mimas Finance markets will be gradually decreased to incentivize users to repay their borrows and withdraw their tokens.

The liquid staking token stONE will be deprecated, with only redemptions available. Staking will be disabled, and liquidity for stONE / ONE on the DEX will be removed.

All protocol rewards will be eliminated, and locked MIMAS and locked TRANQ pools will be unlocked to allow users to withdraw their tokens without any penalty. Holders of TRANQ and MIMAS tokens can swap them to FIRA at a fixed rate of 17-to-1 based on current market prices.

This conversion option will be available until October 31, 2023. After this date, all remaining MIMAS and TRANQ tokens and related contracts on these chains will be deprecated, and the frontends will be shut down.

The Road Ahead

Despite the closure of Mimas Finance and Tranquil Finance, the teams are optimistic about the future. They will channel their efforts into the development of Defira V2, an ambitious and experimental on-chain game. A full launch of Defira V2 is expected sometime in Q1 of the following year, with the possibility of partial migration steps before then.

In conclusion, the cryptocurrency community will undoubtedly miss the presence of Mimas Finance and Tranquil Finance in the DeFi space. However, the anticipation for the innovative potential of Defira V2 offers a glimpse of the exciting future that lies ahead for both the teams and their loyal supporters. The legacy of Mimas and Tranquil Finance will live on in the upcoming journey of Defira V2.

Check out my personal experience with Mimas

Check out my personal experience with Mimas Finance

What is Mimas Finance

Mimas Finance, a prominent player in the world of decentralized finance (DeFi), emerged as a trailblazer in the crypto ecosystem. This innovative project, though its status may have evolved since my last knowledge update in September 2021, made substantial contributions to the DeFi landscape during its active period.

Foundations of Mimas Finance

Mimas Finance was founded on the core principles of decentralized finance, aiming to provide users with a comprehensive suite of financial services on various blockchain networks, including Harmony and Cronos. Its primary focus was to enable users to engage in lending, borrowing, staking, and other DeFi activities in a trustless and decentralized manner.

Unique Features and Achievements

One of Mimas Finance’s notable achievements was its successful integration of on-chain oracles, a feature crucial for the accuracy and reliability of DeFi protocols. Additionally, Mimas Finance made history as the first liquid staking protocol on the Harmony blockchain, demonstrating its commitment to pushing the boundaries of DeFi innovation.

Challenges and Evolution

The DeFi space, known for its volatility and unpredictability, presented Mimas Finance with various challenges. These challenges may have influenced the project’s strategic decisions, including potential closures or pivots, which are not uncommon in the dynamic world of DeFi.

Legacy and Lessons

Despite its evolving status, Mimas Finance’s legacy lives on in the lessons it imparts to the broader crypto community. Its journey underscores the importance of adaptability, security, and innovation for DeFi projects. The experience of Mimas Finance serves as a testament to the resilience and dynamism required in this ever-changing ecosystem.

In conclusion, while the current status and activities of Mimas Finance may have shifted since my last update, its impact on the DeFi space and the lessons learned from its journey continue to resonate with developers, investors, and enthusiasts in the crypto and blockchain industry. For the latest information about Mimas Finance, it is advisable to refer to official sources and recent updates from the project team.

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